Total accumulation of the amount deposited in saving account, Mathematics

A bank pays on its savings an interest rate of 6% per year but compounds interest monthly (i.e., estimates the interest each month and adds it to the balance). You plan to deposit $100,000 into this saving account today. Show the amount you will accumulate by the end of the 30th year.

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Posted Date: 2/28/2013 4:31:41 AM | Location : United States

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